What is the limit for financial aid for a degree of 128 hours?

Question

What is the limit for financial aid for a degree of 128 hours?

Answer 1

192

Answer 2

I'm not sure what you're asking - so if I don't get this right, feel free to ask again.

If you are asking about financial aid from the federal government, there are very definite limits to some programs. The maximum Pell grant for this school year is $4731. The maximum Stafford loan that an undergraduate can take this year is $7500 if they are dependent and $12,500 if they are independent - but that's if you're a college junior or senior. Those amounts are less if you're a freshman or sophomore.

There is also a lifetime maximum on Stafford loans - for dependent students, that amount is $31,000.

If you're asking about private (non-governmental) loans, the supposed maximum is the equivalent of your Cost of Education (specific to your university) minus any other aid that you have received.

As an example - if your school has a Cost of Attendance of $30,000, and you have already qualified for $8000 from the federal government and $2000 in scholarships, then the maximum private loan would be $30,000 minus the $8000 in federal funds and the $2000 in scholarships.

Your ability to qualify for federal assistance is determined by your financial need. That figure is determined when you complete a FAFSA form and submit your financial information to the US Department of Education.

So what is the limit? Well, if you're willing to borrow from non-government sources, the "limit" is pretty much 'whatever you need". Just keep in mind that:

a. you'll probably need a cosigner to borrow from non-governmental sources and..

b. you'll pay your loans back over a 10 to 30-year period, and the interest that builds up over that length of time is a killer. You will pay far more back than your borrowed, so you MUST borrow responsibly, keeping in mind how much your eventual monthly obligations are going to be.

I hope that helped - good luck!